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Senate Bill 477 draws industry pushback over 12-year appraisal recordkeeping; sponsor says amendment targets discrimination
Summary
Senate Bill 477 would set new time limits for appraisal-related lawsuits and extend some fair-housing claims and recordkeeping to 12 years; appraisers testified the retention and extended limitation are operationally burdensome and urged reverting to the bill's original limits.
Senator McKay introduced Senate Bill 477, saying the measure "brings in clarity and fairness and accountability to Maryland's real estate appraisal system," establishes a 2-year-from-discovery / 4-year-absolute statute of limitations for appraisal claims, extends some discriminatory-housing claims up to 12 years and raises appraiser file retention from 5 to 12 years while excluding fraud and preserving regulator oversight.
The Maryland chapter of the Appraisal Institute opposed the bill as amended. "As introduced, this was a good bill," testified Matthew Wood, a state-certified residential…
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